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India’s office real estate sector has witnessed a transformative shift, expanding over 35-fold from just 25 msf in FY00 to approximately 887.3 msf as of Q1FY25. The growth has been primarily concentrated in the top 7 cities – Bengaluru, Mumbai (MMR), Delhi-NCR, Hyderabad, Chennai, Pune, and Kolkata, alongside GIFT City in Ahmedabad. This rapid expansion is underpinned by robust economic growth, favourable demand-supply dynamics, rising transparency, policy support, and India’s strong demographic advantage. Looking ahead, the momentum is expected to sustain, with total office stock projected to reach 939.4 msf in FY25, 997.4 msf in FY26, and 1,061.6 msf in FY27. The sector’s evolution into an institutional-grade asset class continues to attract strong investor interest, further reinforcing its role as a key pillar in India’s commercial real estate landscape.
| Particulars | Details |
|---|---|
| IPO Open Date | August 05, 2025 |
| IPO Close Date | August 07, 2025 |
| Price Band | ₹95 to ₹100 per share |
| Lot Size | 150 Shares |
| Issue Size | ₹48,000 mln |
| Listing At | BSE, NSE |
| Tentative Listing Date | [To be announced] |
Knowledge Realty Trust REIT owns and manages India’s largest office REIT portfolio based on Gross Asset Value (GAV) of ₹619,989 million as of March 31, 2025, and Net Operating Income (NOI) of ₹34,322.67 million in FY25. Upon listing, it will also rank as the second largest office REIT in Asia and among the largest globally by Leasable Area. The Portfolio comprises 29 Grade A office assets with a total Leasable Area of 46.3 msf, including 37.1 msf of Completed Area, 1.2 msf Under Construction, and 8.0 msf of Future Development, spanning six key cities, Bengaluru, Hyderabad, Mumbai, Chennai, Gurugram, and GIFT City. The REIT has a well-balanced mix of 6 city-centre offices and 23 business parks, housing more than 450 tenants, including Fortune 500 companies, Global Capability Centres (GCCs), and leading Indian corporates. It will have the largest city-centre office portfolio among Indian REITs in both asset count and Leasable Area. With approximately 95.6% of GAV concentrated in Bengaluru, Hyderabad, and Mumbai, India’s top-performing office markets, the REIT offers robust geographic and tenant diversification. The Portfolio reflects best-in-class developments, with superior infrastructure, sustainability credentials, and high entry barriers due to land and regulatory constraints. Its scale and flexibility make it a strong proxy for India’s institutional-grade office market, serving both domestic focused and global oriented occupiers.
Knowledge Realty Trust REIT has demonstrated steady financial growth over FY23-FY25, driven by strong leasing momentum and operational scalability. Total Revenue increased at a CAGR of 15.0% from ₹31,159.66 million in FY23 to ₹41,468.64 million in FY25, supported by rising occupancy and rental escalations across the portfolio. EBITDA grew from ₹24,940.20 million in FY23 to ₹32,930.25 million in FY25, reflecting improving operating leverage and cost efficiencies. Assets remained stable at ₹247,680.83 million in FY25, with marginal changes over the last three years. While Profit After Tax (PAT) declined to ₹2,225.16 million in FY25 from ₹3,396.59 million in FY24 due to one-time items, profitability over the period remained consistent. Total borrowing stood at ₹19,7921.74 million in FY25, marginally lower than FY23 levels, indicating prudent capital management and stable leverage. Overall, the REIT continues to maintain a robust financial profile with healthy operating cash flows and a scalable balance sheet.
Objects of the issue:
- Partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities – INR 46400 million
- General Purposes
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